This following was published by Bloomberg on March 11, 2021:
Soaring lumber prices and chronic shortages are prompting key U.S. housing industry participants to call on the Biden administration to find remedies that’ll boost wood production.
Thirty-seven organizations are calling for the “immediate attention” of U.S. Department of Commerce Secretary Gina Raimondo to address “skyrocketing” lumber prices and supply constraints they say endanger economic recovery and housing affordability.
Soaring prices for wood have lifted the average price of a new single-family home in the U.S. by more than $24,000 since April, according to the National Association of Home Builders.
At GMTT we took a closer look and technically speaking there is a projected high which would result in a pullback.
The Lumber price is overbought and as the Bloomberg article points out it is asking for intervention.
Would be interesting to see if the intervention will come in the next day’s right at the projected high.
A close below 959 gives a sell signal.
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Lumber Mar 31 2021